Tinubu Explains How Debt Servicing Reduced from 97% to 65% in 17 Months

President Tinubu reveals strategies that lowered Nigeria’s debt servicing profile from 97% to 65% in just 17 months, highlighting fiscal reforms aimed at improving economic stability. Learn more about these financial shifts.

On Monday, President Bola Tinubu conducted a brief evaluation of his administration over the past 17 months. He stated that he has successfully increased funding to lower the country’s debt servicing burden from 97 percent to 65 percent.

Addressing the context of his policy to remove fuel subsidies, Tinubu expressed his commitment to putting an end to excessive profiteering and smuggling of shared resources.

He made these comments during the swearing-in ceremony for seven new ministers who were recently appointed to enhance the functionality of his cabinet.

Tinubu, in congratulating the new ministers for their commitment to serving the country during these challenging times, emphasized that they should be prepared for both criticism and abuse from Nigerians. However, he urged them not to lose focus on improving the lives of over 200 million citizens.

The newly sworn-in ministers include Dr. Nentawe Yilwatda as the Minister of Humanitarian Affairs and Poverty Reduction, Muhammadu Maigari Dingyadi as the Minister of Labour & Employment, and Bianca Odinaka Odumegwu-Ojukwu as the Minister of State for Foreign Affairs.

At the Presidential Villa in Abuja, several individuals were sworn into office: Jumoke Oduwole as Minister of Industry, Trade and Investment (Trade and Investment); Idi Mukhtar Maiha as Minister of Livestock Development; Yusuf Abdullahi Ata as Minister of State for Housing and Urban Development; and Dr. Suwaiba Said Ahmad as Minister of State for Education.

Tinubu recognized the current economic challenges and explained that this was a reason his administration increased the national minimum wage.

He expressed optimism that, thanks to his administration’s intervention, the country was on a stable growth trajectory.

Tinubu expressed his gratitude to the National Assembly for their diligent and swift work in reviewing and dedicating themselves to the constitutional responsibilities regarding the assignment of seven new ministers.

I extend my congratulations to the seven ministers who have just been sworn in. Thank you for accepting the call to serve our nation.

The current moment is demanding, and the present situation requires a strong commitment. Your responsibility is to serve, and that’s what you must do.

I sincerely appreciate your commitment to serving our nation, especially as you assume office during a period marked by economic growth challenges and other issues such as security concerns.

Finding individuals willing to dedicate their lives, freedoms, and responsibilities to serve their nation in challenging times is no easy task. I am genuinely pleased that you have made this commitment and are here today as part of a dedicated group of Nigerians. This team has been working tirelessly since we took on the responsibility of governing the country 17 months ago.